Cloudflare has announced that it is experimenting with Web3 by embracing Ethereum’s Proof-of-Stake, becoming a blockchain validator soon after the Merge.
Cloudflare embraces and experiments with Ethereum Proof-of-Stake
Cloudflare announces it is experimenting with Web3, embracing Proof-of-Stake, starting with Ethereum
Today, we are excited to announce the start of our experiments for the next generation of web3 networks that are embracing Proof of Stake; beginning with Ethereum. https://t.co/vTWAkkm8Ds #PlatformWeek
— Cloudflare (@Cloudflare) May 16, 2022
“Today, we are excited to announce the start of our experiments for the next generation of web3 networks that are embracing Proof of Stake; beginning with Ethereum”.
Basically, in a blog post of its own, Cloudflare’s global network explains the problems arising from Proof-of-Work (PoW), the protocol on which Bitcoin relies for transaction validation, both in terms of scalability and wasted effort.
Precisely for this reason, Cloudflare has decided to wait for the Ethereum Merge (which converts it from Blockchain PoW to Blockchain PoS), scheduled for this year, in order to contribute to the network by becoming a validator node.
Here are Cloudflare’s verbatim words:
“Today, we are excited to announce the start of our experiments for the next generation of web3 networks that are embracing Proof of Stake; beginning with Ethereum. Over the next few months, Cloudflare will launch, and fully stake, Ethereum validator nodes on the Cloudflare global network as the community approaches its transition from Proof of Work to Proof of Stake with ‘The Merge’. These nodes will serve as a testing ground for research on energy efficiency, consistency management, and network speed”.
Cloudflare as a validator of the Ethereum Blockchain
Cloudflare is preparing to be a validator node of the Ethereum network as soon as the switch to PoS takes place.
This means that Cloudflare will pledge in a smart contract what has been valued in 32 ETH for Ethereum and will follow the procedure for validating transactions and adding blocks on the Ethereum network.
In addition, Cloudflare will add the execution of validator nodes on its network and allow Ethereum to offer even greater geographic decentralization in places such as EMEA, LATAM and APJC, while also adding infrastructure decentralization to the network.
Ethereum’s choice of Proof-of-Stake, for one thing, stems from the fact that the entire network could use as little as 2.6 megawatts of power. In other words, after the Merge, Ethereum will consume 99.5% less energy than it does today.
The Blockchain that failed the launch of Yuga Labs’ metaverse
While the Merge continues to be delayed, after being postponed for months from the planned June 2022, the Blockchain of smart contracts par excellence, and thus of NFTs, DeFi and DAOs, has gone haywire over the launch of the Yuga Labs metaverse.
At the beginning of May, Ethereum experienced a meltdown, with its blockchain becoming unusable, right in conjunction with the launch of Otherside. The cause of it all was the extremely high volume of transactions required to purchase virtual land, which the blockchain could not handle.
It was a total sale of 55,000 lots, at the fixed price of 305 ApeCoin (about $4200), the crypto created by Yuga Labs a few months earlier. In addition, there were another 45,000 lots up for grabs, which would be distributed free of charge to owners of the Bored Ape Yacht Club collection.
The post Cloudflare experiments with Web3 by embracing Ethereum’s Proof-of-Stake appeared first on The Cryptonomist.